Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — FY2001 Earnings Presentation
80 slides from Sonae Sgps Sa's earnings presentation, 2002
Slide 1: Apresentação de Contas 2001 Sonae SGPS, SA
APRESENTACAO DE CONTAS 2001 SONAE SGPS, SA
Slide 2: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 3: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 4: Highlights
HIGHLIGHTS (Consolidated values) Turnover exceeds 6,386 M.€ Operational Cash-Flow (EBITDA) reaches 604 M.€ Net Profit After Minority Interests of 55 M.€ Net Investment of 1,213 M.€
Slide 5: Main Events in 2001
MAIN EVENTS IN 2001 Sonae Indústria Completion of the investment plan of 1,044 M.€ over 3 years Share capital increase from 280 M.€ to 500 M.€ in June 2001 SPDF Reaches a 29% holding in the Portucel/Soporcel Group
Slide 6: Main Events in 2001
MAIN EVENTS IN 2001 Modelo Continente Growth in market share and profitability in all markets and formats …. particularly in non food formats Stronger capital structure Sonae Imobiliária Increasing focus on internationalisation De-listing: share purchase offer completed successfully
Slide 7: Main Events in 2001
MAIN EVENTS IN 2001 SonaeCom Growth in customer base and traffic Improvement in operating efficiency Re-evaluation of investment portfolio Sonae Turismo Delays in obtaining licenses to develop the Tróia and Palmares projects Sonae Capital Growth in the Service sector Improvement in operating efficie
Slide 8: A Worldwide Presence
A WORLDWIDE PRESENCE North America Europe Canada Portugal Spain U.K. France Germany Greece Italy South America Africa Brazil South Africa Assets (factories, stores, shopping centres,…) Mozambique Admin. and sales offices Gabon 61,000 people 18 countries
Slide 9: Portfolio Restructuring
PORTFOLIO RESTRUCTURING Share Capital increases: In January, Sonae subscribed (250 M.€) around 70% of the share capital increase of Modelo Continente, SGPS, SA In August, Sonae subscribed (219 M.€) the share capital increase of Sonae Indústria, SGPS, SA, bringing the total shareholding to around 92%
Slide 10: Portfolio Restructuring
PORTFOLIO RESTRUCTURING Launching together with Grosvenor of a tender offer for the whole of the share capital of Sonae Imobiliária, SGPS, SA Successfully completed De-listing on 14 December Preliminary announcement of a tender offer for the whole of the share capital of Modelo Continente, SGPS, SA
Slide 11: Management Structure
MANAGEMENT STRUCTURE ESTRUTURA DE GESTÃO SONAE SGPS Sonae Modelo SonaeCom Sonae Indústria Continente Sonae Imobiliária Capital Food Retail Tourism Wood Based Panels Shopping Centres Telecommunications Non food retail Services Packaging Pulp&Paper S.I. PROPERTY S.I. DEVELOP. CHOICE CAR GESCARTÃO SPIN
Slide 12: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 13: Business Portfolio
BUSINESS PORTFOLIO SONAE SGPS Wood-Based Products Advisory Board: BA; ARP; PA; AC; AA; BM; SC; NA; JAS; JAC; CBA; SGA, MGC; FC FREE FLOAT SUZANO SONAE INDÚSTRIA SPDF BA PA ARP BA ARP NA JAS JAC CBA SGA MGC FC SIR TAFISA GESCARTÃO PORTUCEL/SOPORCEL EUROPAC STATE STATE FREE FLOAT
Slide 14: Restructuring Effort - Actions in 2001
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 1998 – Acquisition of Glunz 1999 – Start-up of Restructuring Plan (2000 - 2002) Investment in Fixed Assets 1,044 2001 – Completion of investment plan of 1.1 billion Euro 354 376 314 1999 2000 2001
Slide 15: Restructuring Effort - Actions in 2001
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 Modernise / Adjust production capacity in Central Europe – New Nettgau Plant, Germany • Particleboard line (550,000 m3) • OSB line (300,000 m3) – New particleboard line in Lure, France (450,000 m3
Slide 16: Restructuring Effort - Actions in 2001
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 Consolidate market share in the Iberian Peninsula and U.K. – New particleboard plant in Linares, Spain (450,000 m3) – New melamine surfacing line in Oliveira do Hospital, Portugal (82,500 m3) – Sm
Slide 17: Restructuring Effort - Actions in 2001
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 Consolidate presence in fast growing markets – New Thin MDF line in Piên, Brasil (200,000 m3) – Increase of 50% in sales volume in Canada 531,000 m3 362,000 m3 2000 2001 – Consolidation of the ope
Slide 18: Restructuring Effort - Actions in 2001
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 Positioning on key points of the business value chain Up-Stream: – Start-up of a formaldehyde and resins plant in Sines, Portugal – Investment in two sawmills on the Iberian Peninsula: Cuellar (Sp
Slide 19: Restructuring Effort - Closure of Loss-making Plants
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 Closure of loss-making plants – Decorative panels plant in Peterlee, U. K. – Hardboard plant in Labruguière, France – Particleboard plant in Sassenburg, Germany – Chemicals plant in Valencia, Spai
Slide 20: Restructuring Effort - Closures in 2002
Sonae Indústria RESTRUCTURING EFFORT - 2001 - Corporização do esforço de reestruturação ACTIONS IN 2001 In 2002, closure process begun at: – St. Pierre-Sur-Dives plant, France (particleboard production) – Göttingen plant, Germany (particleboard production) » Provisions were set up in the 2001 accoun
Slide 21: Development and Globalisation Effort - Shared Service Centre
DEVELOPMENT AND Sonae Indústria GLOBALISATION 2001 - Esforço de Desenvolvimento e Globalização EFFORT Shared Service Centre (SSC) Implementation – Structure that will provide world wide Portugal services in the financial and administrative area Spain UK – Intensive use of advanced technology solutio
Slide 22: Environmental Management and Eco-efficiency
DEVELOPMENT AND Sonae Indústria GLOBALISATION 2001 - Esforço de Desenvolvimento e Globalização EFFORT Environmental management and eco-efficiency – Meppen (Germany) and Knowsley (U.K.) plants obtained environmental certification - EN ISO 14001 – Knowsley plant is licensed as wood recycler with the r
Slide 23: Information Systems and E-Business
DEVELOPMENT AND Sonae Indústria GLOBALISATION 2001 - Esforço de Desenvolvimento e Globalização EFFORT Information Systems and E-Business – Integration of the following business processes into SAP: • Financial • Commercial • Logistics and supplies • Production Planning – Start-up of an international
Slide 24: Operational Key Indicators - Investments Timings
Sonae Indústria OPERATIONAL KEY INDICATORS OPERATIONAL KEY INDICATORS Indicadores Operacionais Investments 2001 - Timings Jan / Mar April / May Jun / Oct Nov / Dec Gabon Lure Cuellar Le Creusot Souselas Sines Linares Oliv. Hospital Piên Nettgau Intense start-up of wood based panels lines in the 2nd
Slide 25: Trend of Installed Production Capacity
Sonae Indústria OPERATIONAL KEY INDICATORS OPERATIONAL KEY INDICATORS Indicadores Operacionais Trend of Installed Wood Based Panels Production Capacity (‘000 m3) Average capacity of new plants Average capacity of 8,471 plants closed 800 7,647 7,276 5% 353 Increase 6,447 End of 2000 Average capacity
Slide 26: Operational Key Indicators - Activity
Sonae Indústria OPERATIONAL KEY INDICATORS OPERATIONAL KEY INDICATORS Indicadores Operacionais Activity Total Operational 1.600 Board sales per country (‘000 m3) Income per Employee 1.400 2000 1.200 199 2001 1.000 148 153 800 600 400 200 0 Portugal Spain United France Germany Canada Brazil South 199
Slide 27: Sales by Market
Sonae Indústria OPERATIONAL KEY INDICATORS OPERATIONAL KEY INDICATORS Indicadores Operacionais Sales by market (Value) Rest of the Rest of the World World Iberian Pen. 14% Iberian Pen. 16% South Africa 23% 24% 2% South Africa 5% South South America America 6% 5% North UK UK America 7% North 6% Ameri
Slide 28: Financial Results
FINANCIAL RESULTS AGENDA 2000 2001 M€ % M€ % Turnover 1,294.3 100% 1,502.1 100% EBITDA 138.8 11% 152.9 10% Operating Profit 29.6 2% 24.4 2% Net Financial Charges -43.0 -3% -76.2 -5% Profit on Ord. Activities -13.4 -1% -51.8 -3% Extraordinary Profit / (Loss) 4.7 0% -35.0 -2% Profit / (Loss) For The Y
Slide 29: Financial Key Indicators
Sonae Indústria FINANCIAL KEY INDICATORS FINANCIAL KEY INDICATORS Indicadores Financeiros Gearing Interest Cover Net Debt Net Debt / (SF + Min. Interests) (EBITDA / Interest paid) 151 % 3,2 x 898 131 % 798 92 2,2 x 21 777 806 2000 2001 2000 2001 2000 2001 Cash and banks Net Debt Figures in M.€
Slide 30: Sonae Indústria Reorganisation
BUSINESS DEVELOPMENT AND INVESTMENTS Sonae Indústria reorganisation Sonae Indústria Iberian Platform Central European Platform Others • Portugal • Germany • Canada • Spain • France • Brazil • UK • South Africa
Slide 31: Main Drivers of Turnover Growth and Margin Improvement
BUSINESS DEVELOPMENT AND INVESTMENTS Main drivers of turnover growth and margin improvements – Investment in new production capacity 9 – Restructuring 9 – Developing operational synergies 9 2001: 2002: Investment Plan Business Completion Consolidation
Slide 32: Wood Based Panels Production Capacity Trend
BUSINESS DEVELOPMENT AND INVESTMENTS Wood Based Panels Production Capacity Trend (‘000 m3) 8,471 7,276 + 50% 5,661 1999 2000 2001
Slide 33: Outlook
Sonae Indústria OUTLOOK OUTLOOK Perspectivas Futuras Consolidation of projects: projects Growing production volumes Increasing market share Increasing proportion of higher value added products Increasing Consolidation of the restructuring process: Purchasing Management Interlinked and complementary
Slide 34: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 35: Main Events in 2001
MAIN EVENTS IN 2001 Success of the tender offer launched by Sonae SGPS and Grosvenor to de- list Sonae Imobiliária, completed on 14 December 2001 Adoption of International Accounting Standards for its consolidated accounts in 2001, the first in Portugal to do so. Start up of NTBD projects: SonaeShop
Slide 36: Main Events in 2001 - New Shopping Centres
MAIN EVENTS IN 2001 SONAE SONAE IMOBILIÁRIA IMOBILIÁRIA Shopping Shopping Centres Centres Shopping Shopping Centres Centres Shopping Shopping Centres Centres Development Development Investment Investment Management Management SPEL SPEL PRÆDIUM PRÆDIUM Strengthening of its presence in target markets
Slide 37: Main Events in 2001 - New Investments
MAIN EVENTS IN 2001 SONAE SONAE IMOBILIÁRIA IMOBILIÁRIA Shopping Shopping Centres Centres Shopping Shopping Centres Centres Shopping Shopping Centres Centres Development Development Investment Investment Management Management SPEL SPEL PRÆDIUM PRÆDIUM ... with the approval of new investments, ... Pa
Slide 38: Main Events in 2001 - Strategic Objectives
MAIN EVENTS IN 2001 SONAE SONAE IMOBILIÁRIA IMOBILIÁRIA Shopping Shopping Centres Centres Shopping Shopping Centres Centres Shopping Shopping Centres Centres Development Development Investment Investment Management Management SPEL SPEL PRÆDIUM PRÆDIUM ... with key strategic objectives achieved, ...
Slide 39: Main Events in 2001 - Shopping Centre Management
MAIN EVENTS IN 2001 SONAE SONAE IMOBILIÁRIA IMOBILIÁRIA Shopping Shopping Centres Centres Shopping Shopping Centres Centres Shopping Shopping Centres Centres Development Development Investment Investment Management Management SPEL SPEL PRÆDIUM PRÆDIUM ... with initiatives taken in the area of Shoppi
Slide 40: Main Events in 2001 - Car Parks
MAIN EVENTS IN 2001 SONAE SONAE IMOBILIÁRIA IMOBILIÁRIA Shopping Shopping Centres Centres Shopping Shopping Centres Centres Shopping Shopping Centres Centres Development Development Investment Investment Management Management SPEL SPEL PRÆDIUM PRÆDIUM ... operating new car parks and ... Opening of 4
Slide 41: Main Events in 2001 - Residential Development
MAIN EVENTS IN 2001 SONAE SONAE IMOBILIÁRIA IMOBILIÁRIA Shopping Shopping Centres Centres Shopping Shopping Centres Centres Shopping Shopping Centres Centres Development Development Investment Investment Management Management SPEL SPEL PRÆDIUM PRÆDIUM ... in residentital property development. Comple
Slide 42: Development of Shopping and Leisure Centres - Portugal
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres The total of projects under development as at 31/12/2001 corresponds to an investment of 1,180 M.€, of which 927 M.€ are attributable to Sonae Imobiliária, as follows: 71 M.€ in Portugal, Setúbal Retail Coimbra Retail CascaiShopp
Slide 43: Development of Shopping and Leisure Centres - Spain
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres 152 M.€ , in Spain, Plaza Avenida Toledo SPAIN Málaga Outlet Mayor M 40 Shopping Location Málaga Málaga Madrid Toledo Opening Date 18 April 2002 Spring 2004 Spring 2003 Spring 2004 GLA (m2) 28,900 16,700 45,500 35,000 Gross Inves
Slide 44: Development of Shopping and Leisure Centres - Rest of Europe
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres 580 M.€, in the rest of Europe,... Aegean 3 DO OTHER EUROPEAN MARKETS Brescia Centre Vienna Mitte Park Dortmund Dortmund, Location Athens, Greece Brescia, Italy Vienna, Austria Germany Opening Date Spring 2004 Spring 2005 Spring
Slide 45: Development of Shopping and Leisure Centres - Brazil
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres and 124 M.€ in Brazil. Parque D. Pedro Center Sul Location Campinas (SP), Brazil São Paulo (SP), Brazil Opening Datea 18 March 2002 October 2003 GLA (m2) 105,000 22,000 Gross Investment (Euro) 100.0 millions 30.0 millions Sonae I
Slide 46: Shopping Centres Owned or Co-owned
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres Sonae Imobiliária owns or co-owns 790 thousand m² of GLA, in operation in Portugal, Spain and Brazil: Growth of 35% in GLA compared to 2000 as a result of the opening of two shopping centres in Portugal and the purchase of Parque
Slide 47: GLA Under Management
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres Sonae Imobiliária manages 1,128 thousand m² of GLA in Portugal, Spain and Brazil: growth of 18% compared to 2000 GLA under management by portfolio of 3,949 contracts with tenants geographical area (+14% to 2000) Managed GLA trend
Slide 48: Portugal Shopping Centre Performance
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres PORTUGAL: A very positive performance by the 11 shopping Centres and Retail Park 143.4 million visits (+ 8,5% on 2000: +11.2 million visitors) Tenants sales totalled 1,435.6 M.€: +19.1% on 2000 On a like-for-like basis, tenant sa
Slide 49: Spain Shopping Centre Performance
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres SPAIN: Increase in the portfolio under management from 6 to 7 centres, all owned by third parties 225 contracts with tenants equivalent to 155,185 m² of GLA 22.1 million visits, +31.1% on 2000 Overall sales growth of 14.2%
Slide 50: Brazil Shopping Centre Performance
BUSINESS ACTIVITY IN 2001: Development of Shopping and Leisure Centres BRAZIL: A satisfactory performance, in spite of the country’s economic situation 739 contracts with tenants totalling 113,388 m² of GLA 44.3 million visitors Growth of 9.4% in tenant sales in Brazilian Reais (in euro, sales dropp
Slide 51: SPEL - Car Parks
BUSINESS ACTIVITY IN 2001: SPEL – Car Parks SPEL strengthened its leadership position in the Portuguese market, with a total of 14,239 spaces in operation SPEL - Turnover 2,401 new car park spaces for the 4.9 next two years either under contract 4.3 or under construction 3.8 3.0 2.3 SPEL’s turnover
Slide 52: PRÆDIUM - Residential Real Estate Development
BUSINESS ACTIVITY 2001: PRÆDIUM –Residencial Real Estate Development During 2001 Prædium consolidated projects already under development, began work on new ones and strengthened its portfolio Nr. Apartments Investment Completion (€ millions) Date Total Sold Torre S. Gabriel, Lisbon 126 126 31,0 2 Q
Slide 53: Property Valuation
PERFORMANCE IN 2001: Property Valuation The excellent operational performance is reflected in the valuation of properties Total value of properties 2,348 M. € Sonae Imobiliária’s share 1,362 M. € Total market value of properties 986 + 21.6% 832 692 + 241 M.€ 526 409 1,362 1,121 889 537 650 '12/97 '1
Slide 54: NAV (Net Asset Value)
PERFORMANCE IN 2001: NAV (Net Asset Value) ... maintaining the trend of growth in value for shareholders, ... NAV of properties 934 M. € + 24.1% + 182 M.€ 934 752 643 459 379 '12/97 '12/98 '12/99 '12/00 '12/01
Slide 55: NAV vs Market Capitalisation
PERFORMANCE IN 2001: NAV (Net Asset Value) ... which has not always been recognised by the stock market Tender offer 934 price 1.000 900 800 752 700 643 613 600 Millions of € 600 Premium for 491 minority 500 471 497 shareholders 417 400 459 379 300 200 100 0 1997 1998 1999 2000 2001 Market capitalis
Slide 56: Financial Results
PERFORMANCE IN 2001: Financial Results First real estate company in the Iberian Peninsula to use “International Accounting Standards”: The year’s results also include the increase in market value of properties arrived at by independent valuation
Slide 57: Consolidated Results Analysis
PERFORMANCE IN 2001: Consolidated Results Analysis Sharp increase in consolidated profits... Consolidated Net Profit of 120.9 M.€ – 92% increase over 2000 EBITDA of 73.8 M.€ – an increase of 35% over 2000
Slide 58: Review of Consolidated Results
PERFORMANCE IN 2001: Review of Consolidated Results 2000 2001 Var. (%) Direct Income from Investments 192.3 308.6 + 61% Direct Costs of Investments 137.7 234.8 + 71% Direct Profits from Investments (EBITDA) 54.6 73.8 + 35% Indirect Profits from Investments 57.2 116.5 + 104% Direct and Indirect Profi
Slide 59: Consolidated Balance Sheet Review
PERFORMANCE IN 2001: Consolidated Balance Sheet Review A solid financial position ... Growth of 23% in Shareholders’ Funds Total Bank debt of 585.1 M.€, 89% of which is long term 145.6 M.€ available in Cash Gearing of 35%
Slide 60: Consolidated Balance Sheet Review
PERFORMANCE IN 2001: Consolidated Balance Sheet Review 2000 2001 Var. (%) Property Assets 1,086.5 1,345.8 + 24% Other Assets 87.0 98.1 + 13% Cash 28.7 145.6 + 407% Total Assets 1,202.2 1,589.5 + 32% Shareholders’ Funds 498.7 611.0 + 23% Minority Interests 8.9 8.4 Bank Loans 339.4 585.1 + 72% Other L
Slide 61: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 62: Main Events in 2001 - Sonae Capital
MAIN EVENTS IN 2001 SONAE CAPITAL Tourism Spred Spinveste Choice Car Invicta Delay on approval of detailed plans for Tróia and Lagos Plans made to upgrade some hotel assets Organic growth and growth by acquisition in leisure travel Association with TQ3 for business travel
Slide 63: Main Events in 2001 - Sonae Capital
MAIN EVENTS IN 2001 SONAE CAPITAL Turismo Spred Spinveste Choice Car Invicta Favourable business trend at ba vidro Selfrio Group strengthens its position in the domestic market Increased shareholding in the Selfrio Group Sale of Dagard Ibérica
Slide 64: Main Events in 2001 - Sonae Capital
MAIN EVENTS IN 2001 SONAE CAPITAL Turismo Spred Spinveste Choice Car Invicta Restructuring and strategic redefinition of Contacto Disposal of the holding in the consortium responsible for the construction of the “Scut Interior Norte” motorway Joint-venture with Endesa to develop cogeneration and ren
Slide 65: Main Events in 2001 - Sonae Capital
MAIN EVENTS IN 2001 SONAE CAPITAL Turismo Spred Spinveste Choice Car Invicta 33% growth in the vehicle fleet under Finlog’s management 50% growth in Guerin business (rent-a-car) Delays in the opening of new sales units for used cars
Slide 66: Main Events in 2001 - Sonae Capital
MAIN EVENTS IN 2001 SONAE CAPITAL Turismo Spred Spinveste Choice Car Invicta Operational break-even at Boxlines Joint-venture MDS/Lazam Purchase of 10% of First Assur
Slide 67: Agenda
AGENDA GESTÃO DE PORTFOLIO SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 68: Financial Results
FINANCIAL RESULTS AGENDA 2000 2001 Turnover 5,751.0 6,385.9 Operating Profit (EBIT) 203.6 226.5 Net Financial Charges (130.3) (190.4) Profit on Ordinary Activities 73.3 36.1 Extraordinary Profits 258.2 49.9 Associated Companies 6.7 1.6 Profit/(Loss) before Taxation 338.2 87.6 Taxes (58.7) (18.1) Min
Slide 69: Turnover
TURNOVER Growth of 11% in Turnover 11 % 6,386 5,751 Sonae Indústria 23% Sonae 59% Distribuição Sonae Imobiliária 4% SonaeCom 11% Holding / Other 3% 2000 2001 Values in M.€
Slide 70: Operational Cash-Flow (EBITDA)
OPERATIONAL CASH-FLOW (EBITDA) Growth of 11% in EBITDA 11% 604 Sonae Indústria 26% 546 Sonae 55% Distribuição Sonae Im obiliária 12% SonaeCom 8% -1% Holding / Other 2000 2001 Values in M.€
Slide 71: Net Profit before Minority Interests
NET PROFIT BEFORE MINORITY INTERESTS Net Profit before Minority Interests of 70 M.€ 72 131 39 70 (106) (66) Sonae Sonae Sonae SonaeCom Holding / Total Indústria Distribuição Imobiliária Other Values in M.€
Slide 72: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 73: Investment
INVESTMENT Consolidated Gross Investment of 1,509 M.€ -5% 1,594 1,509 408 338 216 252 295 2000 2001 Sonae Sonae Sonae SonaeCom Holding / Other Indústria Distribuição Imobiliária Values in M.€
Slide 74: Net Debt
NET DEBT Net Debt of 3,497 M.€ 416 806 193 789 3,497 411 540 2,428 951 2000 2001 Sonae Sonae Sonae SonaeCom Holding / Other Indústria Distribuição Imobiliária Cash and equivalents Net Debt Values in M.€
Slide 75: Balance Sheet Indicators
BALANCE SHEET INDICATORS Total Net Assets Shareholders’ Funds Loans Obtained and Minority Interests 8,281 7,874 751 3,913 2,622 7,123 2,613 751 1,865 1,862 2000 2001 2000 2001 2000 2001 Write-off of Goodwill Values in M.€
Slide 76: Financial Ratios
FINANCIAL RATIOS Net Gearing Interest Cover Net Debt / (Shareholders’ (Shareholders’ Funds + (EBITDA / Interest Paid) Net Debt / EBITDA Paid) Minority Interests) Interests) 187% 5.8 x 130% 4.4 x 3.7 x 3.1 x 2000 2001 2000 2001 2000 2001
Slide 77: Stock Market Performance
STOCK MARKET PERFORMANCE 140 130 Basis = 100 120 110 100 90 80 PSI 20 70 Sonae SGPS 60 50 40 30 Source: Sonae SGPS; BVLP
Slide 78: Agenda
AGENDA PORTFOLIO MANAGEMENT SONAE INDÚSTRIA SONAE IMOBILIÁRIA SONAE CAPITAL CONSOLIDATED ACCOUNTS FINANCIAL STRUCTURE OUTLOOK 2002
Slide 79: Outlook
OUTLOOK Tender offer for Modelo Continente Strategy for the Telecommunications sector Strategy for the Paper and Pulp sector Dividends
Slide 80: www.sonae.pt
Presentation available on the official Sonae SGPS web site at: www.sonae.pt